PDD Holdings Inc – ADR (NASDAQ:PDD) shares are trading higher by 4.70% to $75.91 Thursday morning. The stock is trading higher, reversing following Wednesday weakness. Multiple Chinese stocks fell Wednesday after lackluster export data from China.
PDD is also trading higher Thursday after China’s central bank this week reportedly told major state-owned banks to decrease dollar deposit interest rates in an attempt to support the yuan.
What Happened With Export Data?
Per Reuters, China’s Customs Bureau data revealed a significant 7.5% year-on-year decline in May exports, surpassing the projected 0.4% decrease and marking the largest drop since January.
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Imports, on the other hand, contracted by 4.5%, indicating a slower decline than the anticipated 8.0% and April’s 7.9% fall.
According to data from Benzinga Pro, PDD has a 52-week high of $106.38 and a 52-week low of $38.80.
